Investing.com– Bitcoin price was little changed on Friday as markets turned cautious ahead of more signals on U.S. interest rates from a speech by Federal Reserve Chairman Jerome Powell.
A broader risk-off move in financial markets weighed on cryptocurrencies, while Bitcoin was also hit by fears of further token distributions by defunct exchange Mt Gox.
rose 0.2% to $60,846.8 as of 01:56 ET (05:56 GMT).
Cryptocurrency markets were also somewhat spooked by a sharp appreciation of the dollar, after Bank of Japan Governor Kazuo Ueda warned that interest rates could rise further.
The yen's strength had undone a carry trade in early August, hitting most risk-driven markets. Bitcoin had also fallen to $49,000.
Bitcoin Hit by Mt Gox Caution and Powell's Anticipation
Bitcoin was expected to have a lackluster weekly performance, with the token experiencing brief breaks above $60,000 amid lingering concerns over Mt Gox.
Wallets associated with the exchange were seen moving tokens worth nearly $3 billion this week, heralding further distributions.
The exchange had begun returning tokens stolen during a 2014 hack to its customers in early July, and the distributions raised concerns about a Bitcoin sell-off event amid a surge in token supply.
Risk aversion also weighed on broader financial markets, with Wall Street indices closing lower on Thursday.
Markets were somewhat cautious ahead of a speech he is due to give at the Jackson Hole Symposium later on Friday, where he is expected to offer more clues on interest rates and the economy.
Traders are generally pricing in a rate cut in September, but are split on a 25- or 50-basis-point reduction, according to .
The case for a deeper cut was bolstered by weak labor market data released earlier in the week, though the reading also raised concerns that a weakening labor market will hurt economic growth.
Cryptocurrency price today: Altcoins advance but prepare for a middling week
Cryptocurrency prices broadly rose on Friday, but were also on track for a lackluster weekly performance as the rebound from early August losses petered out.
The world's No. 2 token rose 1.8% to $2,674.99, while altcoins that rose between 0.9% and 2.1% lagged behind, falling 0.1%.
Among memecoins, it rose 1.2%.
